FOR AUTHORISED INTERMEDIARIES ONLY - NOT FOR DISTRIBUTION TO RETAIL CLIENTS

A U.S. large capitalization valuation sensitive growth stock fund for investors that seek long-term growth of capital focused on blue-chip securities and risk adjusted returns through active management with a balance

between risk and reward over the course of different market cycles and volatility regimes.

Sanlam Centre American Select Equity Fund A risk managed blue-chip growth fund focusing on capitalappreciation & preservation throughout a long-term investment cycle

The Sanlam Centre American Select Equity Fund seeks long-term growth of capital

through exposure to equity securities of large capitalization U.S. companies with

performance emphasis placed on upside/downside capture.

Investment objective

A core U.S. large cap growth strategy with a differentiated fundamental approach that seeks to capture the majority of the returns associated with equity markets while exposing investors to less risk.

The Sanlam Centre American Select Equity Fund may be suitable as a core strategy within overall U.S. large capitalization equity allocations as a high quality, defensive, or conservative growth equity position. Advisors may also use the Fund as part of their “alternatives allocation sleeve” as it attempts to provide more upside capture than lower volatility funds while also striving for downside preservation.

The Fund may complement its equity securities with hedges and other capital preservation strategies when deemed tactically

appropriate – a risk managed growth fund. Suitable investors may include those who want equity exposure but are concerned

with downside risk and, in particular, investors who are not comfortable being fully exposed to the equity market during the

late stages of a bull market.

The Fund’s role

Sanlam Global Investment Solutions

Differentiated Fundamental Stock Selection: The process in managing the Sanlam Centre American Select Equity Fund is to focus bottom-

up on each individual company’s growth outlook and capacity to create shareholder value

by utilizing our fundamental stock selection process. We utilize a disciplined, Economic Value

Added (EVA) framework to select investments. Over the long term, firms that generate

high EVA tend to outperform low EVA generating firms. The framework focuses on the

fundamentals of wealth creation and wealth destruction similar to the way a traditional,

long-term focused corporate financier looking at all aspects of the business would assess

a company’s value. In the shorter-term, markets may often undervalue or overvalue a

company’s ability to create or destroy wealth.

Pragmatic Market Orientation and Risk Management: To meet its objective as a risk managed growth fund, the Fund may take a defensive position

and tactically employ hedges and other capital preservation strategies on up to 100 percent

of the value of its securities positions when the Fund Manager’s assessment of market

valuation indicates forward returns as low relative to downside risk and the cost to upside

potential from portfolio preservation tools reasonable. Through mainly the tactical use of put

options, the Fund may allow for enhanced performance and more limited risk.

The framework seeks to identify and exploit these investment opportunities. The approach is designed to capture excess

returns when the market price of a stock converges toward our target price. We analyze not only earnings but also strive to

understand and link the capital allocation decisions being made today by each company and how they will lead to potential

future earnings growth. In other words, we expect the companies in which the Fund invests in to invest in productive assets

of the business, organically and through opportunistic purchases which, in turn, should provide the foundation for future

revenue and profits growth that should create shareholder value.

Alternatively, if companies cannot invest in productive assets due to a cyclical downturn or existing excess capacity, we

expect these companies to “wisely contract” through the restructuring of their assets and other resources to regain their

footing for future shareholder value creation. The key is that we look at the company drivers that create true shareholder

wealth: capital spending or alternative capital allocations such as acquisitions or dividends, company specific risk levels

of a business to determine appropriate hurdle rates, and how good the company is in generating operating returns on its

underlying assets vis-a-vis the hurdle rates. Wealth creation from growth or from wise-contraction – that’s how companies

create shareholder value.

Index put options are designed to hedge the Fund from significant market declines that may occur over short periods of time.

The value of an index put option generally increases as the underlying securities in the Fund decrease in price and decreases

as those securities increase in price. The Fund varies its hedging strategy and defensive positions across changing market

cycles. In addition to using puts at certain points in the market cycle, the Fund manages the sizing of its individual securities

positions by merging its differentiated fundamental stock selection with structured portfolio construction in an attempt to

add the most appreciation potential per unit of risk.

By focusing on the portfolio construction process with cognizance of the Fund’s overall investment objective, volatility

profile, and preservation against significant market downturns, the end result is our attempt to deliver a Fund with attractive

risk adjusted returns and, in particular, capital growth with downside risk management over the long term.

Key Points

FOR AUTHORISED INTERMEDIARIES ONLY - NOT FOR DISTRIBUTION TO RETAIL CLIENTS

Sanlam Global Investment Solutions

Important disclosures This sales aid was designed to provide a brief description of the features of Sanlam Centre American Select Equity Fund. It does not constitute an offer or solicitation to anyone. It is presented for information purposes only and is not intended for public distribution. The Sanlam Centre American Select Equity Fund is not available in the United States or to citizens or residents of the United States.

Investments in the Sanlam Centre American Select Equity Fund are subject to market risks. Investments can go down as well as up as a result of changes in the value of the investments. There is no assurance or guarantee of capital or performance. Investors may lose money including possible loss of capital. Past performance is not necessarily a guide to future performance. Sanlam does not make any representations that products or services described or referenced herein are suitable or appropriate for an investor. Many of the products and services described or referenced herein involve significant risks, and an investor should not make any decision or enter into any transaction unless the investor has fully understood all such risks and has independently determined that such decisions or transactions are appropriate for the investor. Any discussion of risks contained herein with respect to any product or service should not be considered to be a disclosure of all risks or a complete discussion of the risks involved. Investors must make their own independent decisions or seek advice from their financial adviser regarding the suitability and risks of any strategies or financial instruments mentioned herein.

The Sanlam Centre American Select Equity Fund is a sub-fund of Sanlam Universal Funds plc. The Sanlam Universal Funds plc full prospectus, the Fund supplement, and the KIID are available free of charge at www.sanlamgis.com. This is neither an offer to sell, nor a solicitation to buy any securities in any fund. Any offering is made only pursuant to the relevant offering document, together with the current financial statements of the relevant fund, and the relevant subscription application forms, all of which must be read in their entirety together with the Sanlam Universal Funds plc prospectus, Fund supplement and the KIID.

© 2019 Sanlam Global Investment Solutions, Ltd. All Rights Reserved. Newsletter - CASE 03/2019

Each series of Sanlam Centre Funds is a fundamentally-driven, actively managed Fund in core

investment strategies with differentiation and using specialist talent. We offer a select series of

funds to choose from, each available in investor and institutional share classes.

Our aim is to deliver strong, long-term performance results for investors through an exceptional

focus on producing returns and managing risk and downside volatility in a select number

of investment strategies. We want investors to associate Sanlam Centre Funds with high

conviction, differentiated fund strategies that may not be available elsewhere and are tactical,

pragmatic, and opportunistic.

Our Funds

Each investment strategy aims to capitalize on defined market opportunities using talented and experienced Portfolio Managers

with consistent and repeatable investment processes who aim to achieve true differentiated returns. Our Portfolio Managers

remain focused on fundamentally-driven investment approaches within truly active, high conviction, disciplined and research

intensive processes. We place service excellence at the core of everything that we do and are committed to providing useful

information on all of the Funds.

Fund ManagerJames A. Abate, MBA, CPA, CFA, is the portfolio manager of the Sanlam Centre American Select Equity Fund and the Chief Investment Officer of Centre Asset Management, LLC. He also serves as the firm’s Managing Director.

Prior to founding Centre Asset Management, LLC, Mr. Abate was U.S. Investment Director, North America, for GAM. Previously, Mr. Abate served as Managing Director & Fund Manager/Head of U.S. Active Equity at Credit Suisse Asset Management responsible for its U.S. Select Equity Strategy and stable of Global Sector Funds.

While at GAM and Credit Suisse, Mr. Abate achieved Standard & Poor’s Funds Research AAA rating, has received numerous

“Category King” mentions in The Wall Street Journal, as well as multiyear Investment Week award nominations. Prior to

transitioning to asset management, he was a Manager in Price Waterhouse’s Valuation/Corporate Finance Group and served as

a commissioned officer in the U.S. Army and Reserves, achieving the rank of Captain. Mr. Abate holds a B.S. in accounting from

Fairleigh Dickinson University and an MBA in finance from St. John’s University, and is a visiting Adjunct Professor in the graduate

and honors academic programs at the Zicklin School of Business, Baruch College. Mr. Abate is a contributing author to several

John Wiley published books: Applied Equity Valuation, Focus on Value, Short Selling and The Theory and Practice of Investment

Management; his article writings have appeared in The Journal of Portfolio Management, Investment Week, FT Investment

Adviser, The Wall Street Journal, Mergers & Acquisitions and other various publications; and other writings — with Professor J.

Grant, Ph.D. — on EVA, or economic value added approach to security analysis have been adopted by the CFA Institute candidate

study programs. Mr. Abate is a former member of the editorial advisory board of The Journal of Portfolio Management.